tag:blogger.com,1999:blog-12137185778750268592018-09-17T00:29:42.419-07:00MyMoneyPicture BlogMyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-1213718577875026859.post-61960595067856066352018-08-08T15:02:00.000-07:002018-08-08T15:06:22.288-07:00Android App Replaced by Add to Home Screen Function<br />We developed an Android app to allow people to quickly access My Money Picture from their phone's home screen.&nbsp; This app opened the My Money Picture Login page in a internet web-view.<br /><br />The app accessed the same code as using My Money Picture from any web browser on a phone, but it eliminated the need to type in the website address each time you wanted to enter a transaction.<br /><br />Now it is very easy to simply add a web page to your phone's home screen, and this app is no longer providing added value.&nbsp; So in the interest of simplification, we are discontinuing the app.<br /><br />Interestingly, the My Money Picture Android app only required access to the internet and no other permissions.&nbsp; &nbsp;If you ever pay attention to the permissions needed for many apps, you might wonder why so many need to access the phone's contacts, files, camera or microphone.&nbsp; <br /><br />Now that it is so easy to add a page to my home screen, I have deleted many apps that I used to have, and I only access these sites via a web-browser.&nbsp; This provides an added level of security.<br /><br />To add a site to your Home screen from a Chrome browser, for example, simply click on the menu icon (the three vertical dots in the upper right of the screen) and click "Add to Home Screen".<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://2.bp.blogspot.com/-tzpJJzbKMEM/W2tjYgq2ACI/AAAAAAAAANg/pZQO8lHtGMgYZvYYF-q7l6AG84_v4QzEACLcBGAs/s1600/Add%2Bto%2BHome%2BScreen.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="997" height="320" src="https://2.bp.blogspot.com/-tzpJJzbKMEM/W2tjYgq2ACI/AAAAAAAAANg/pZQO8lHtGMgYZvYYF-q7l6AG84_v4QzEACLcBGAs/s320/Add%2Bto%2BHome%2BScreen.png" width="199" /></a></div>We recommend doing this from the Login page, because you will first need to log in to use My Money Picture.MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-8900749179140140802017-12-30T12:34:00.000-08:002017-12-30T14:51:51.634-08:00New -- Cash Flow Projector!!<br /><br />We have a new feature in My Money Picture which will allow you to predict your future financial position.<br /><br />My Money Picture has always been a terrific way to record and track your spending, as well as analyze spending patterns.&nbsp; &nbsp;This enlightenment often leads to knowing which behaviors to modify to best reach your goals.<br /><br />However, recording spending and discovering patterns takes time, and also is looking at the past.&nbsp; &nbsp;We still feel this is the most effective way to reach your financial goals, but we wanted something that would give immediate feedback, as well as look forward.&nbsp; &nbsp;This look forward can be very motivating.<br /><br />Please look at the slideshow below to see how it works.&nbsp; &nbsp;Click anywhere on slideshow to advance to the next slide.<br /><br />The Cash Flow Projector fits in perfectly with the rest of My Money Picture, and we think you will love being able to peek into your possible future.<br /><br /><br /><div class="video-container"><iframe allowfullscreen="true" frameborder="0" mozallowfullscreen="true" src="https://docs.google.com/presentation/d/e/2PACX-1vT1KEqNEtgH6T3q3uDx79VlI1EkwScwAYYKsBZg1ix1zFfD_GbQvk4Z4UlKAiWNLMq7ckUlr9pbpaFj/embed?start=false&amp;loop=false&amp;delayms=3000" webkitallowfullscreen="true"></iframe></div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-76029765548793595832016-11-12T08:51:00.000-08:002016-11-12T08:51:15.997-08:00Is Cash Still King?<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="color: #111111;">Is Cash Still King?<u></u><u></u></span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">When it comes to personal finances I have a confession to make, I am rather old fashioned. Now don’t get me wrong, credit cards, bank loans and borrowing money have their place but if a person can’t survive on what they earn then eventually they will end up in financial strife.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Anyone who sees their borrowings or credit card debt increase has a twofold problem. Not only are they unable to live within their means but because their debts are increasing their interest payments are increasing as are their minimum payments leaving less and less to live on. The sooner they can start resolving the debt problem the easier it will be. &nbsp;<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Following on from the last post, most people can find $3,000 to pay someone to help them when they need to. In fact they can find more than this because the people they are paying to help them also start paying off their debts. So why can’t people find this money before they get into financial trouble?<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Invariably the problem is their lifestyle, by that I mean they are just indulging themselves or buying things that they simply can’t afford. That might be a new HD television, an overseas trip or possibly a new car. These are often one off major expenses and if they were truly “one off” then maybe it wouldn’t be a problem. Unfortunately, these “one offs” might be why the money is borrowed to start with but they are not the reason they are drowning in debt.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">They are drowning because they are spending more than they earn on day to day living and yes, day to day living includes interest and debt repayments. As shown above, when people need to they can find ways to save thousands of dollars. So why do people get themselves in trouble by spending so much?<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Almost every guru has their own opinion. The wall Street Journal, in an article last year, put forward a number thoughts. Make of them what you will. <a data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.wsj.com/articles/the-hidden-reasons-people-spend-too-much-1446433200&amp;source=gmail&amp;ust=1479055761525000&amp;usg=AFQjCNFHHi070ltyEbPPH1QDW9rM_4Ya2Q" href="http://www.wsj.com/articles/the-hidden-reasons-people-spend-too-much-1446433200" id="m_-4211045934641770711LPlnk53602" target="_blank">http://www.wsj.com/articles/<wbr></wbr>the-hidden-reasons-people-<wbr></wbr>spend-too-much-1446433200</a><u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">The comment about rising house prices rings true. Some would say Australia is in a prolonged housing bubble. When house prices were rising at their greatest everyone felt rich and were spending their winnings. Unfortunately, they were spending their increased house equity on day to day living. Once house prices stopped rising at ridiculous rates they all had to cut their spending to survive.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">To me the comments regarding <span class="il">willpower</span> are most interesting. <i>A </i></span><i><span style="color: #333333;">Stanford University study divided participants into two groups: those who thought <span class="il">willpower</span> was finite and those who thought it was abundant. During stressful periods, people who believed <span class="il">willpower</span> was finite reported more impulsive behaviors, including overspending.</span></i><span style="color: #111111;"><u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Which raises an interesting question; if someone knows that they lack <span class="il">willpower</span> with regards to spending why do they walk around with an almost unlimited amount of money in their pocket? No, not cash, money. At least until they have spent so much that those cards are all but worthless.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Think about it, most Americans have 3 or 4 credit cards in their purse or wallet. They also have cards attached to their bank accounts and possibly even debit cards. On any given day those cards have access to more than enough money to buy whatever they want, whenever they want, for now.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">So why do people who know they lack <span class="il">willpower</span> open themselves up to such temptations?<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">For some people it is a necessity, I know of a friend who lives on the road going from hotel to hotel. Without such cards their life would be much more difficult. For others it is as if the money is burning a hole in their pocket. They indulge themselves through their lifestyle. Nothing too big, a coffee a day at work $1,300, take out for the family once a week $1,500 and so on. <u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">It is a bit like the straw that breaks the camel’s back, nothing by itself is a big deal but when you add it all up you have a problem.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">This is where I think cash or similar has a significant advantage. If you put $100 in your wallet/purse and after just a day all you have is change in your pocket then you have a pretty good idea how much you just spent. If all you do is swipe or wave a card then that feedback is lost.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><br /><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Now I accept that cash is not for everyone. Next time we will look at the alternatives.</span></div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-19053557846936828232016-10-29T09:16:00.000-07:002016-10-29T09:16:37.882-07:00A Salient Lesson<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Everyone who comes to <a href="https://www.mymoneypicture.com/" target="_blank"><span style="color: #38761d;">MyMoneyPicture</span></a> does so for much the same reason. There is something about their finances that is troubling them.</div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">For some it is the scourge of ever increasing debt, usually through credit cards. Others just know that they should be getting ahead more quickly but just can’t seem to save money.<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">The vast majority are certain they just don’t earn enough money, if only they could get a raise or find a better paying job, but is the real problem their income?<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Human nature is a funny thing. Generally people are reluctant to accept responsibility for their lot in life regardless of what the issue may be. Often they have convinced themselves that they are doing as good as can be expected and there is little room for improvement while looking for a magical cure or solution. Sometimes they know what needs to be done but just can’t bring themselves to do it.<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Meanwhile, while they do nothing to change what is happening, their situation continues to frustrate and depress them. At worst it keeps deteriorating until they feel there is little hope left.<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Some sayings come to mind:<i><u></u><u></u></i></div><div class="MsoNormal" style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt;"><i>“The darkest hour is just before the dawn”<u></u><u></u></i></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">or<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><i>“To hit rock bottom”<u></u><u></u></i></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Many self-help experts claim that until someone has “hit rock bottom” or “lost all hope” they will find it difficult to look at their situation and make the behavioural changes needed to fix things. That may well be the case but it doesn’t need to be.<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">What if the problem was as simple as spending less? I know, it sounds ridiculous, but is it?<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">Let me talk about a company in Australia that makes lots of money from people’s heartache and misery. The name doesn’t matter but I am sure that someone from Australia reading this can probably work out who they are.<u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><u></u>&nbsp;<u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">The founder devised a business model that can be described as <i>“<span style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">paying someone else to manage their finances”</span></i><span style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">.</span><u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><u></u>&nbsp;<u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Now keep in mind that all these people are struggling with their debts and can’t find a way to get ahead. So how much do these people pay to have someone else manage their finances? The company </span><span style="color: #111111;">charges a client fees of some $1,000 to set things up and about $40 weekly as an administration charge, so that is $3,000 a year. In return they manage the family bills and budgets.</span><u></u><u></u></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Just think about that for a moment. This company is able to find $3,000 in a family’s budget when that same family is often drowning in debt and unable to see a way out of their predicament.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">So how do they do it? <u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><i><span style="color: #111111;">If the customer chooses, the company may consolidate any debts owed, but in most cases it’s a simple equation of money in, money out – all the client’s income goes into a new bank account, this income is used to pay the client’s bills and debts (including the fees) and then the client gets what’s left over as their allowance.</span><u></u><u></u></i></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">So does something that seems so simple actually work? Last year their clients paid over $30 million in fees, which works out to more than 10,000 clients. If it wasn’t working for that many people then I am sure they wouldn’t still be in business. &nbsp;<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">What can we all learn from this?<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Well, it should give everyone confidence that their financial position, no matter how perilous it may seem, is manageable and capable of being turned around. <u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">So what is the salient lesson? <u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Maybe, just maybe, things can improve if we learn to live within our means and simply spend less. Yes, I know, easier said than done.<u></u><u></u></span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">&nbsp;</span></div><br /><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="color: #111111;">Next we will look at how we might be able to make this happen.</span></div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-57650092623533721622016-06-26T16:18:00.001-07:002017-06-04T16:04:28.454-07:00Recreational Spending --- Or Shopping to Relieve Boredom.<h3><br /></h3>As I have mentioned in another post, I am reading a book by Josie Spinardi entitled <a href="https://www.amazon.com/Have-Your-Cake-Skinny-Jeans-ebook/dp/B00B9JKNBC" target="_blank"><span style="color: #38761d;">How to Have Your Cake and Your Skinny Jeans Too</span></a>. &nbsp;In this book she mentions that the same psychological issues can manifest in different people as over-eating, over-spending, or other habits like drug and alcohol abuse, or even gambling.<br /><blockquote class="tr_bq">Research on drug, alcohol, and food challenges shows that the number one predictor of relapse is the balance between obligation and pleasure in a person's life - the <i>Have To's</i> and the <i>Want To's.</i>&nbsp; People whose lives were more evenly split between fun things they genuinely wanted to do, and tasks that were hassles to perform, were far less likely to relapse. &nbsp;They were more successful in changing their undesired behavior.</blockquote><br />In my own life, I often travel for work and spend weekends alone in strange cities. &nbsp;The temptation is to spend my downtime strolling through a mall or going to restaurants. &nbsp; This is eating and spending to relieve boredom. &nbsp;I am often tired from the work week and I want to do something for me, but I am not sure what that should be, so I opt for the easy option of shopping or eating out.<br /><br />My business partner Brett does not have issues with recreational spending or eating, and I wonder if this is because he is an avid sailor. &nbsp; Also, like many Australians, he values having a full and balanced life and doesn't believe it is healthy to live a life of all work and no play.<br /><br />I have worked with people who play golf, basketball or baseball on their weekends. &nbsp;The rocker Alice Copper has said that he was only able to give up alcohol after replacing drinking with golfing. &nbsp; I also know people who sew, scrap book, show dogs, ice skate, have cook outs with their families, or read for pleasure. &nbsp; For me, taking a book or magazine to the beach or even the hotel pool would be a much better option than strolling through the local mall. &nbsp;On one contract, a coworker and I would go hiking on weekends or walk around downtown after work to talk and get exercise.<br /><br />Many leisure activities are quite inexpensive. &nbsp; A book or DVD can even be free if you get it from the local library. &nbsp;Alternatively, you could volunteer your time for a cause you believe in, for example walk dogs at the local animal shelter or learn construction skills with Habitat for Humanity. &nbsp;Engaging in pleasurable activities will keep you from spending out of boredom.<br /><br />In the book, Josie Spinardi says the solution to recreational eating or spending is to sprinkle activities you genuinely can't wait to do throughout your day, week and year. &nbsp; She says giving ourselves permission to enjoy these things, and seeing the value in balancing pleasure and pursuit is key. &nbsp; &nbsp;And the benefit is more than just smaller sized clothing or reduced credit card debt, it is having a full and enjoyable life.<br /><br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-54076708216131759432016-05-15T13:39:00.000-07:002016-05-15T13:46:34.564-07:00Task-Oriented Coping to Avoid Emotional Spending. <h3><br /><b style="background-color: white;"><span style="color: #274e13;">Modifying how you cope with stress could improve your finances!</span></b></h3><br />I am reading a book by Josie Spinardi entitled <a href="https://www.amazon.com/Have-Your-Cake-Skinny-Jeans-ebook/dp/B00B9JKNBC" target="_blank"><span style="color: #38761d;">How to Have Your Cake and Your Skinny Jeans Too</span></a>&nbsp;. The book advises to eat when you are hungry and stop eating when you are satisfied. &nbsp;Pretty simple huh? &nbsp;However the book explains how restrictive diets can trigger binge eating, and also how some people use food to cope with stress. <br /><br />I am most intrigued by the stress-induced emotional eating, because many people also often emotionally spend. They don't call it "Retail Therapy" for nothing. After a hard day or week, we may reward ourselves with a shopping trip to help us forget our troubles. She describes this as "Emotion-Oriented Avoidant Coping Behavior" (we avoid the problem causing the stress and focus on a distraction like shopping or eating to feel better). <br /><br />However, she writes that studies show people who use a <b>Task-Oriented Coping Strategy (focusing on the problem and how to solve it)</b>&nbsp;"enjoyed higher life satisfaction, attained more personal success, had more satisfying relationships and suffered from far fewer mental and physical illnesses." <br /><br />Many of us, myself included, often try to counteract the feelings caused by stressful situations, rather than try to correct the actual problem or situation causing the stress. We may do this because we believe we have no power to improve the situation causing the stress, but is that true? And of course, after the thrill of shopping or eating has worn off, the stressful situation is still there, and possibly even worse. <br /><br />Next time I am stressed, before I punch Macy's into my GPS, I will do a "Root Cause Analysis" (another term used in the book) to determine if there might be a "Task Oriented" way to cope directly and proactively with the issue causing me stress.MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-47210059224230621912016-02-02T15:36:00.000-08:002018-08-12T14:47:31.203-07:00Focus on a Routine, Not Goals<style type="text/css">.embed-container { position: relative; padding-bottom: 59.27%; /* 16/9 ratio */ padding-top: 30px; /* IE6 workaround*/ height: 0; overflow: hidden; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } </style> I recently received a newsletter from&nbsp;<a href="http://www.fool.com/" target="_blank"><span style="color: #274e13;">The Motley Foo</span>l</a>&nbsp;where author Morgan House said he was&nbsp;<a href="http://www.fool.com/investing/general/2014/04/17/goals.aspx" target="_blank"><span style="color: #274e13;">done with financial goals, and focusing on systems instead.</span></a><br /><br />Here is an excerpt:<br /><br /><blockquote class="tr_bq">In place of goals, a lot of successful people have systems. What's the difference? A goal is a target with an end date. A system is a way of doing things all the time. Scott Adams, the genius behind the <em>Dilbert </em>comic, writes in his book <span style="color: #274e13;"><a href="http://www.amazon.com/How-Fail-Almost-Everything-Still/dp/1591847745" target="_blank"><span style="color: #274e13;">How to Fail at Almost Everything and Still Win Big</span></a>:</span><br /><blockquote class="tr_bq">A system is something you do on a regular basis that increases your odds of happiness in the long run. If you do something every day, it's a system. If you're waiting to achieve it someday in the future, it's a goal.</blockquote>He gives a few examples:<br /><blockquote class="tr_bq">The system-versus-goals model can be applied to most human endeavors. In the world of dieting, losing twenty pounds is a goal, but eating right is a system. In the exercise realm, running a marathon in under four hours is a goal, but exercising daily is a system. In business, making a million dollars is a goal, but being a serial entrepreneur is a system.</blockquote></blockquote>Turns out there are many great articles on the web about this. &nbsp; Just a few that come up with a quick Google search:<br /><ul><li><a href="http://www.entrepreneur.com/article/230333" target="_blank"><span style="color: #274e13;">Forget Setting Goals. Focus on This Instead, by James Clear</span></a></li><li><a href="http://99u.com/articles/7198/how-goals-and-good-intentions-can-hold-us-back" target="_blank"><span style="color: #274e13;">How Goals and Good Intentions Hold Us Back, by Christian Jarrett, at 99u</span></a></li><li><a href="http://www.theguardian.com/lifeandstyle/2014/nov/07/systems-better-than--goals-oliver-burkeman" target="_blank"><span style="color: #274e13;">Want to succeed? You need systems not goals, by Oliver Burkeman at The Guardian</span></a></li></ul><div><br />Oliver makes an especially good point, while also referencing Scott Adams' book:</div><div><br /></div><blockquote class="tr_bq">As anyone whose employer foists “performance targets” upon them already knows, a fixation with goal-setting has <a class=" u-underline" data-component="in-body-link" data-link-name="in body link" href="http://hbswk.hbs.edu/item/6114.html" title=""><span style="color: #274e13;">many downsides</span></a>. But Adams adds one more: when you approach life as a sequence of milestones to be achieved, you exist “in a state of near-continuous failure”. Almost all the time, by definition, you’re not at the place you’ve defined as embodying accomplishment or success. And should you get there, you’ll find you’ve lost the very thing that gave you a sense of purpose – so you’ll formulate a new goal and start again.</blockquote>And, even Harvard Business School&nbsp;argues that the beneficial effects of goal setting have been overstated and that the systematic harm caused by goal setting has been largely ignored.<br /><span style="color: #274e13;"><br /></span><span style="color: #274e13;"><a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;</span>is a system that helps us maximize our prosperity and financial independence. &nbsp; The simple daily routine of entering expenses makes us more aware, and less likely to engage in thoughtless spending.<br /><br /><span style="color: #274e13;"><a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;</span>makes this even more potent by&nbsp;also&nbsp;providing valuable feedback. &nbsp; Experts agree, the best systems incorporate a feedback loop. &nbsp;Feedback is essential to maximizing progress. <br /><br />Click through the slideshow below to see some of the feedback features we've incorporated into&nbsp;<span style="color: #274e13;"><a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #274e13;">MyMoneyPicture</span></a>.</span><br /><br /><div class="embed-container"><iframe allowfullscreen="true" frameborder="0" mozallowfullscreen="true" src="https://docs.google.com/presentation/d/14PNkQp8-F-kVgo8s6fT9dv3W4qbJMIsJ0W5EBjhXo_I/embed?start=true&amp;loop=false&amp;delayms=3000" webkitallowfullscreen="true"></iframe></div><br /><div><br /></div><div><br /></div><div><br /></div><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-64165716998007486852016-01-09T17:11:00.000-08:002016-02-02T15:36:35.439-08:00What People Are Saying About MyMoneyPicture<span style="font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;"><span style="background-color: white;"><br /></span></span><span style="font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;"><span style="background-color: white;"><b>We were very pleased to receive the following emails from Alan from Canada:</b></span></span><br /><span style="color: #38761d;"><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;"><br /></span></span><span style="color: #38761d;"><i><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">Very recently I had emailed that I had made your system work for me as to the use of credit cards.</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">My 82nd birthday is tomorrow. I am fortunate as my wife tracks all bill payments in our home. As we moved to a new home over 18 months ago and after down sizing it was thought our monthly expenses would be less. We are also in a city in a different part of our Province.</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">After 6 months here, my wife became annoyed with me when I asked where our money was going. She had told me she keeps all receipts in separate envelopes and checks them off against the various statements. In other words, no day to day tallies. She had suggested to me that maybe if I used my Quick Books program I could assist her.</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">I found that not to be handy for me. Just too much to review. Then just over one week ago your program came to my attention. To date I have all our credit card info up to date &amp; just showed her how it works. She is so happy as it has placed money owing onto both our shoulders equally.&nbsp;</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">As we hardly ever have disagreements, we now have one reason less. Fantastic!!</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">I am now trying to category all our fixed expenses into your program &amp; add another dimension to money that flows out. On this I will keep you posted.</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">I cannot believe how enthused I am about <a href="http://mymoneypicture.com/">MyMoneyPicture.com</a>.</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">Thank you so much,&nbsp;</span><br style="background-color: white; font-family: verdana, arial, sans-serif;" /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">Alan</span></i></span><br /><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;"><span style="color: #38761d;"><br /></span></span><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;"><span style="color: #38761d;"><br /></span></span><span style="color: #38761d;"><span style="background-color: white; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif;">Update: &nbsp;</span><span style="font-family: &quot;verdana&quot; , sans-serif;"><span style="background-color: white;">&nbsp;</span></span></span><br /><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><br /></span><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><i>As a furtherance to my <span class="il">story</span>, my wife and I sit at our kitchen table every 3rd day matching receipts and tracking totals. We never worked together on this previously. All was discussed but now it's shared. Better for us both. Still thanks to MMP.</i></span><br /><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><br /></span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">After my Mother passed on and being the only child, it was necessary to sort her 92 years of personal belongings. &nbsp;</span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">She had many.&nbsp;</span></i><br /><div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><br /></span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">She came through the depression years and it was easy to see why the lack of money contributed to her family success. &nbsp;</span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">There were no computers in her days. &nbsp;In fact her schooling ended at grade 8. &nbsp;</span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">However, she kept her own hand written &nbsp;journals of logging every <span class="il">CENT</span> in and out.&nbsp;</span></i><br /><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><br /></span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">She never owed anyone. Tracking money was her religion, it was her way of keeping her head above the line.</span></i></div><div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"><br /></span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">Many of us are not so careful, maybe some people don't need to be. Many won't take the time. &nbsp;</span></i><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">Your program offers to anyone the possibility to track <span class="il">CENTS</span>. Should one be able to ask Mother, I am certain she would agree.</span></i></div><div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">Best regards,</span></i></div><div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">Alan.</span></i></div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;"> </span></i><br /><div><i><span style="color: #38761d; font-family: &quot;verdana&quot; , sans-serif;">N.b. -- her journals actually had entries for one <span class="il">cent</span>.</span></i></div><span style="background-color: white; color: forestgreen; font-family: &quot;verdana&quot; , &quot;arial&quot; , sans-serif; font-size: 14px;"><br /></span>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-41713783203636165512015-12-31T15:41:00.003-08:002016-01-26T04:13:15.416-08:00New Years Resolutions <h2 style="text-align: center;"><br />MyMoneyPicture wishes you a very Happy New Year!</h2><br />With a New Year comes the inevitable new years resolutions. &nbsp; Mine often seem to concern money and weight, and this year is no different. <br /><br />I am reminded of the&nbsp;<a href="http://blog.dilbert.com/post/102964992706/goals-vs-systems" target="_blank"><span style="color: #38761d;">advice</span></a>&nbsp;from Scott Adams of Dilbert fame to focus on systems and not goals to maximize success. &nbsp; It is no surprise the best selling self help book is titled "Seven Habits of Highly Successful People" and not "Seven Goals of Highly Successful People." <br /><br />In keeping with this I plan to focus on four main things this year.<br /><br /><h3>Log Consistently&nbsp;</h3><br />Last year I frequently stopped logging everything I ate whenever I became busy. &nbsp; I also gained weight during those times. &nbsp;This year I vow to log everything I eat consistently. &nbsp;And of course I will continue to log my spending in&nbsp;<a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #38761d;">MyMoneyPicture</span></a>, because I also want to continue to trim the fat from my spending. &nbsp;Even Oprah Winfrey is getting in on the logging bandwagon with the new Weight Watcher's app.<br /><br /><br /><h3>Water</h3><br />I will also focus on drinking more water. &nbsp;Experts say water helps weight loss in several ways.<br /><ul><li><a href="http://www.webmd.com/diet/obesity/20150828/water-weight-meals-obesity" target="_blank"><span style="color: #38761d;">When people drink water before a meal</span>,</a>&nbsp;they tend to eat less at that meal, perhaps because their stomach is partially filled with water. &nbsp;</li></ul><ul><li><a href="http://dcp.psc.gov/ccbulletin/articles/fitforduty_050607.htm" target="_blank"><span style="color: #38761d;">Thirst can be confused with hunger</span>.</a></li></ul><ul><li>Drinking enough water can help&nbsp;<span style="color: #38761d;"><a href="http://www.exploringwomanhood.com/mindbodysoul/weightloss/drinkwater.htm" target="_blank"><span style="color: #38761d;">help your liver metabolize fat</span></a>.</span></li></ul><blockquote class="tr_bq"><span style="font-family: &quot;arial&quot; , &quot;helvetica&quot;; font-size: x-small;">There are many forms of metabolism going on in your body right now, but the one everyone is talking about is the metabolism of fat. This is actually something that the liver does when it converts stored fat to energy. The liver has other functions, but this is one of its main jobs. Unfortunately, another of the liver's duties is to pick up the slack for the kidneys, which need plenty of water to work properly. If the kidneys are water-deprived, the liver has to do their work along with its own, lowering its total productivity. It then can't metabolize fat as quickly or efficiently as it could when the kidneys were pulling their own weight. If you allow this to happen, not only are you being unfair to your liver, but you're also setting yourself up to store fat.</span></blockquote><ul><li><span style="color: #38761d;"><a href="http://www.livestrong.com/article/538372-does-drinking-water-bring-high-glucose-levels-down/" target="_blank"><span style="color: #38761d;">Drinking water helps stabilize your blood sugar.</span></a></span></li></ul><blockquote class="tr_bq"><span style="font-family: &quot;arial&quot; , &quot;helvetica&quot; , sans-serif; font-size: x-small;">When your blood glucose levels are too high, your body tries to rid itself of some of this glucose in your urine. Drinking more water can help to replenish your fluids, potentially helping your body excrete more glucose in your urine. Increasing your water intake has the added benefit of potentially decreasing the amount of glucose you get from food. According to Dr. Richard Holt and colleagues, people who drink too little water tend to consume as much as 30 percent more calories than those who drink adequate amounts of water, potentially leading to dangerous spikes in blood sugar.</span></blockquote><br />The great thing about drinking more water is that it also aids me in improving my financial situation, or my money picture. &nbsp; My office provides filtered water and I bought a water pitcher with a filter for home use. &nbsp; As I mentioned in an earlier blog, my food bill continues to be where I feel I waste the most money. &nbsp; I can save money when I eat out if I drink water with my meals, and I can save at home by drinking fewer fruit juices and other drinks and replacing them with water.<br /><br /><h3></h3><h3></h3><h3>YUM</h3><br />My business partner has told me that if I say "yum", or "boy this food is good", or something to that effect, that I often end up eating less food for the day. &nbsp; He is convinced that I can't lose weight and keep it off by ignoring taste. &nbsp; It is easy to grab a small snack here, a quick bite there, with nothing being particularly memorable or satisfying, only to find at the end of the day I have consumed more calories than if I had treated myself to something quite indulgent. <br /><br />I find the same with spending. &nbsp; I know from using <span style="color: #38761d;"><a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #38761d;">MyMoneyPicture</span></a>,</span> my problem spending is not from the times I decide to treat myself with something I have had my eye on for a while. &nbsp; It is more a death by 1000 cuts. &nbsp; Thoughtless spending &nbsp;that provides very little bang for my buck. &nbsp; Small amounts that quickly add up. &nbsp; This spending can easily go unnoticed, unless you are logging all your spending, like I log everything in&nbsp;<a href="http://www.mymoneypicture.com/" target="_blank"><span style="color: #38761d;">MyMoneyPicture</span>.</a>&nbsp; <br /><br />We noticed early on, saving money has many parallels with dieting. &nbsp; It is not surprising my resolutions: logging, drinking water, and focusing on taste and enjoyment, apply to both my weight and my finances. <br /><br />Happy New Years and may 2016 prove to be a wonderful year for all of you to achieve your dreams.<br /><br /><br /><br /><br /><br /><br /><br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-68902391748781051952015-03-28T13:57:00.000-07:002018-08-28T12:18:37.340-07:00Credit Card Interest = Money Wasted<div style="text-align: left;">The average American household with at least one credit card has nearly $15,950 in credit-card debt (in 2012), according to <a href="http://www.creditcards.com/" target="new">CreditCards.com</a>, and the average interest rate runs in the mid- to high teens at any given time."</div><br />At 15% interest, interest charge for $15,950 in credit is <b>$196 a month</b>. <br /><br /><i>(The <a href="http://www.nerdwallet.com/blog/tips/credit-score/how-credit-card-interest-calculated/" target="_blank">calculation</a> is (.15 (15% APR) / 365 ) or .00041 * 15,950 = $6.5333 a day in interest, or $196 a month.)</i><br /><br />This is money that provides no utility. &nbsp; And often the goods that were purchased with the credit card are depreciating in value as you accrue interest on the debt. &nbsp; <br /><br /><h4 style="text-align: center;">Credit card interest is a complete waste of money.</h4><div>One way to reduce credit card interest is by taking advantage of balance transfers.&nbsp; &nbsp;Often credit card companies will offer a promotional rate, sometimes 0%, with an upfront transaction fee, when you transfer balances from credit cards with higher interest rate.&nbsp;&nbsp;<a href="https://www.creditcards.com/balance-transfer/" target="_blank">Creditcards.com</a>&nbsp;lists the best offers of over 1,000 they analyzed.<br /><br /><a href="https://lendedu.com/blog/how-to-do-a-balance-transfer-with-american-express/" target="_blank">In this blog post, Andrew Rombach from lendedu goes into detail on balance transfers.</a>&nbsp; <br />A quote from Andrew's post:<span style="color: #45818e;">&nbsp;</span><br /><blockquote class="tr_bq"><i>For example, let’s say Joe owes $10,000 on a credit card, and the card charges 15.99 percent interest. Joe’s minimum monthly payment is $232, and he wisely doubles it to pay $464 a month to pay it off faster.&nbsp; &nbsp;</i>&nbsp;</blockquote><blockquote class="tr_bq"><i>It would take Joe 26 months to pay off the debt, and $1,867 of those payments would go to interest.&nbsp;</i>&nbsp;</blockquote><blockquote class="tr_bq"><i>Now, let’s say Joe transferred the $10,000 balance to a card offering 0 percent interest for 15 months. He decided to pay twice the minimum monthly payment again. He pays the card off in 22 months and only $162 of that goes to interest. This makes financial sense.</i></blockquote>Please check out the full article&nbsp;<a href="https://lendedu.com/blog/how-to-do-a-balance-transfer-with-american-express/" target="_blank">here.</a>&nbsp;</div><div><br /></div>A key goal to achieving financial freedom is to reduce or eliminate credit card debt and especially credit card interest expense. &nbsp;It is for this reason, <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;tracks account balances. &nbsp;<a href="http://www.mymoneypicture.com/" target="_blank">MMP</a>&nbsp;records which accounts you use to pay for expenses, as well as deposits and payments to accounts. &nbsp;Informative graphs help you monitor how quickly you are reducing debt and increasing savings.<br /><br />Before we created <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>,&nbsp;I considered other budgeting applications. &nbsp;Many requested access to log into my financial accounts to automatically transfer spending information to the application. &nbsp; <br /><br />That was unacceptable to me. &nbsp;Not only did I see it as a huge security risk, but by making the recording of expenses automatic, it reduced my personal involvement. &nbsp;Personal involvement is instrumental in reducing thoughtless spending. &nbsp;And thoughtless spending was the major issue keeping me from the financial freedom I desired, as it is for so many people.<br /><br />With <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>, you&nbsp;decide how to name your accounts. &nbsp;You can name them something generic, but meaningful to you, like "visa", "credit card" or "checking" or even "account one". &nbsp;<a href="http://www.mymoneypicture.com/" target="_blank">MMP</a>&nbsp;does not access your accounts, or request or store account numbers or login information. &nbsp;And you only enter information for the accounts you wish to track. <br /><br /><div>Reducing debt, especially credit card debt, is a priority for anyone who desires financial freedom, and <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;is committed to helping you achieve this goal.<br /><br /><br /></div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-35097160021393065442015-03-28T11:25:00.002-07:002015-05-02T16:18:59.110-07:00Saving Energy = Saving Money<br /><br />Several years ago, my brother said that the best way to figure out where people spend money is to see what industries make the most money.<br /><br /><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-NnAVpFxkUBw/VRb5Tkp6iAI/AAAAAAAAAHk/QDlymMcdJcY/s1600/Oil%2Band%2BGas%2BIndustry.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-NnAVpFxkUBw/VRb5Tkp6iAI/AAAAAAAAAHk/QDlymMcdJcY/s1600/Oil%2Band%2BGas%2BIndustry.jpg" height="175" width="320" /></a></div><br /><br />A quick look at the&nbsp;<a href="http://en.wikipedia.org/wiki/List_of_largest_companies_by_revenue" target="_blank">largest companies in the world by revenue</a>, and you will notice that 21 of the top 62 companies are oil and gas companies, and another four are electric and gas utilities. <br /><br />As a comparison, the other major industries in the top 62 companies by revenue are: Automotive with seven companies, conglomerates with six, and retail with five. <br /><br /><i>Interestingly, the top retail companies, Wal-Mart, CVS, Tesco (a British grocery and general merchandise retailer), Costco, and Carrefour (a French multinational supermarket and department store) are mainly selling low priced items, leading me to think that thoughtless consumer spending is a major contributor to their profits. &nbsp; A principal aim of MyMoneyPicture is to eliminate thoughtless spending. &nbsp;&nbsp;</i><br /><br />It is clear, however, that oil and gas is by far the largest industry by revenue. <br /><ul><li><a href="http://en.wikipedia.org/wiki/World_energy_consumption#By_sector" target="_blank">Industrial</a>&nbsp;users (agriculture, mining, manufacturing, and construction) consume about 37% of the total world's energy.&nbsp;</li><li>Personal and commercial transportation consumes 20%.</li><li>Residential heating, lighting, and appliances use 11%.</li><li>Commercial uses (lighting, heating and cooling of commercial buildings, and provision of water and sewer services) amount to 5% of the total.</li><li>Twenty seven percent of the world's energy is lost in energy transmission and generation.</li></ul><br /><a href="https://www.progress-energy.com/carolinas/home/save-energy-money/energy-saving-tips-calculators/100-tips.page?" target="_blank">Energy conservation</a>&nbsp;can provide many benefits for our society from protection from climate change, to increased national security by reducing our dependence on foreign suppliers of oil and gas. <br /><br />But what I am most enthusiastic about is how with a few changes we can reduce our spending on energy and improve our personal financial situation. <br /><br /><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-rv3Re7G51Aw/VRb5Tqpv0FI/AAAAAAAAAHg/7MxxwQivP4I/s1600/Outlet%2Binsulation.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-rv3Re7G51Aw/VRb5Tqpv0FI/AAAAAAAAAHg/7MxxwQivP4I/s1600/Outlet%2Binsulation.jpg" /></a></div><br /><br /><ul><li>Installing electrical outlet insulation prevents cold air from coming in during winter, and cool air from leaving during summer. &nbsp; You can often get 10 for $1 and it takes minutes to install them. &nbsp;&nbsp;</li><li>Change your furnace and air-conditioning filters monthly to maintain peak performance.</li></ul><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-8yQn-qrdiro/VRb5TsRS2lI/AAAAAAAAAHo/cVk_6aViY0U/s1600/ceiling%2Bfan.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-8yQn-qrdiro/VRb5TsRS2lI/AAAAAAAAAHo/cVk_6aViY0U/s1600/ceiling%2Bfan.gif" /></a></div><ul><li>If you have ceiling fans, make sure you have them rotating in the correct direction for the season. &nbsp;&nbsp;<span class="_Tgc">During the summer you want the fan to blow air straight down, so your ceiling fan needs to run in a counter clockwise direction (as you look up at it). The warmer it is, the higher the speed should be. During the winter, your fan should run at a low speed in a clockwise direction.</span></li></ul><ul><li><a href="http://connect.xcelenergy.com/minnesota/how-much-money-can-you-save-by-switching-to-energy-efficient-light-bulbs/" target="_blank">Here</a>&nbsp;is a wonderful explanation of how switching from incandescent light bulbs can reduce your monthly lighting bill from $50 to $11.73 for CFLs or $7.97 for LED bulbs.</li></ul><div><br /></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-7GrsWeHAYTI/VRb5TxylxpI/AAAAAAAAAHs/U-pUrKDsmY4/s1600/storm-door-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-7GrsWeHAYTI/VRb5TxylxpI/AAAAAAAAAHs/U-pUrKDsmY4/s1600/storm-door-1.jpg" /></a></div><br /><br /><ul><li>Adding a storm door with a retractable screen can help insulate your home in the winter and easily add cooling cross ventilation in the summer.</li></ul><ul><li>Exterior awnings can reduce summer cooling costs by as much as 50%.</li></ul><ul><li>Motion detector exterior lighting can save energy, increase safety and deter crime.</li></ul><ul><li>You can improve your gas mileage by up to 3.3% by keeping your tires inflated to the proper pressure. Under-inflated tires can lower gas mileage by 0.3% for every 1 psi drop in pressure of all four tires. Properly inflated tires are also safer and last longer.</li></ul><div><sup></sup></div><br /><br />These are just a few ideas. &nbsp; It can be fun to try to think of ways to reduce the amount of energy you waste every month. &nbsp;And the money you save will make it even better!<br /><br /><br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-16326215926454236622015-03-28T08:41:00.002-07:002015-03-28T16:57:39.711-07:00In Praise of Apples<br /><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-wNlEbWndzwA/VRbKKxElSZI/AAAAAAAAAHE/4W3IJAbjbfI/s1600/Apple.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-wNlEbWndzwA/VRbKKxElSZI/AAAAAAAAAHE/4W3IJAbjbfI/s1600/Apple.jpg" height="310" width="320" /></a></div><div style="text-align: center;"><br /></div><div style="text-align: center;"><i>Apples stay fresh in the refrige</i><i>rator for six months or more, so they are great to keep on hand. &nbsp; </i>&nbsp;</div><br />In a previous post I mentioned that MyMoneyPicture helped me discover how much I was spending on groceries every month. &nbsp; I was stunned so much of my income was going towards something I never considered could be an issue. &nbsp; It is a perfect example of how thoughtless spending can be so insidious, and how MyMoneyPicture can make such a difference.<br /><br />One issue I had was I had started buying more fresh produce in an attempt to improve my health. &nbsp; However, much of the produce spoiled before I had a chance to eat it. &nbsp; Shopping for groceries more often and just buying food for a few days at a time helped. &nbsp; &nbsp;But so did the humble apple.<br /><br />An apple can stay fresh in the refrigerator for six months or more. &nbsp; And it is such a versatile item to have on hand. &nbsp;You can bite into one raw for a healthy snack, or you can slice them to eat with peanut butter or hummus. &nbsp; <br /><br />My favorite thing, when I want a mealette (more than a snack, less than a meal) is to quarter an apple, top with goat cheese and cinnamon, and bake for 20-30 minutes in a toaster oven.<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-WCASS1c1kHc/VRbEV52zzBI/AAAAAAAAAG0/Z3f081dfSlg/s1600/apples.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-WCASS1c1kHc/VRbEV52zzBI/AAAAAAAAAG0/Z3f081dfSlg/s1600/apples.jpg" height="269" width="320" /></a></div><br /><div style="text-align: center;"><i>Baked apples topped with goat cheese and cinnamon. &nbsp;A delicious combination of mildly sweet and savory.</i></div><div style="text-align: center;"><br /></div><br />Apples usually cost well under $1 and are less than 100 calories. &nbsp; They are a great source of both soluble and insoluble fiber, with 4 grams of total fiber in a medium apple. &nbsp; And they contain vitamin C, potassium, and phytochemicals. &nbsp; <br /><br />I have made this nutritious, versatile and economical item a staple of my diet, and it has helped cut my grocery bill in half.<br /><br /><br /><br /><br /><br /><br /><br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-43037588366410649272015-03-21T13:08:00.000-07:002015-03-30T04:00:35.887-07:00Lessons I Have Learned From Using MyMoneyPictureWhen I began using <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>, had had virtually no idea where my money went every month or why it was so hard for me to get ahead financially. &nbsp; After three years, here are some lessons I have learned.<br /><br /><h3>Pause before spending to be sure it is something you really want</h3><div><br /></div><a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;helped me realize my biggest issue is thoughtless and impulse spending. &nbsp; In fact, as I write this, I have something in my shopping cart at Amazon. &nbsp; I will leave it there, and if I still want to buy it tomorrow or the next day, or even next weekend, then I will complete my purchase.<br /><br /><h3>Travel on a Budget</h3><div><br /></div>I happen to enjoy road trips, however I couldn't afford to take them very often. &nbsp; I finally realized that I can get the same enjoyment from a road trip for a lot less money with a few small changes. &nbsp; For example, I always try to eat a large breakfast. &nbsp;It is often the least expensive meal to eat out, and you have all day to burn the calories. &nbsp; Also, and I am not getting paid to say this, I save a bundle by bidding on hotels through Priceline. &nbsp;And I try to travel on shoulder seasons, to avoid the crowds and prices of the high season.<br /><br /><h3>Avoid add-ons with a high markup</h3><div><br /></div>Service stations make most of their profits from the convenience store, not by selling you gasoline. &nbsp;There is quite a large markup on those drinks and snacks that are so tempting when you are on the road. &nbsp; Now I save money by stocking up on drinks and snacks before I leave, instead of buying them along the way when I fill up the tank or stop to use the restroom. &nbsp; <br /><br />Similarly, if I go to the movies, I try to eat beforehand, so I am not temped to buy overpriced snacks and drinks at the cinema. &nbsp; Like service stations, cinemas make most of their profits from the snack bar, since they pass most of the ticket price on to the movie studios. &nbsp; That $7 bag of popcorn may be good for their bottom line, but it is bad for mine.<br /><br />And I have stopped buying hair products at the hair salon. &nbsp; Hairdressers promote products each time I sit in their chairs, but they are often overpriced, and I am frequently so disappointed after I buy them that I may end up using them only once or twice. &nbsp; Turns out many conditioners&nbsp;<a href="https://www.innersensebeauty.com/blog/post/what-are-plastic-resins-waxes-and-silicones-doing-my-shampoos-and-conditioners" target="_blank">are loaded with chemicals like resins, plastics, waxes and silicones</a>&nbsp;that make hair look good in the short term, but build up over time to ruin hair. &nbsp; I have found simple things work best. &nbsp; &nbsp;What has worked well for me, for example, is to replace hair conditioner with a leave-in mix of aloe-vera with a few drops of oil from The Body Shop. &nbsp;An old folk remedy that works well to close the cuticles and increase shine is an occasional&nbsp;<a href="http://www.apple-cider-vinegar-benefits.com/natural-hair-care-product.html#vhr" target="_blank">apple cider vinegar hair rinse</a>. &nbsp; My hair looks better now than it did when I used expensive salon products. &nbsp;Everyone's hair is different, but with some experimentation, you may also find alternatives to high priced salon products.<br /><br /><h3>Buying in bulk is not always best</h3><div><br /></div><a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;also helped me recognize that I waste far too much money at grocery stores. &nbsp; I do not like to grocery shop very often, so I sometimes buy in quantity. &nbsp; That makes sense ... in theory. &nbsp; In practice for my personal situation, it was not working. &nbsp; Produce was spoiling before I had a chance to eat it all. &nbsp; But even more costly, I would often see some cool new product, and buy enough so that if I loved it, I didn't have to return to the store right away to buy more. &nbsp; Unfortunately, what often happened is I would not like what I tried, and then I would have to throw or give away the rest of what I bought. &nbsp; I have changed my habits to grocery shop more often and only buy a couple of days worth of food at a time, and my grocery bill has been cut in half. &nbsp; That is not a solution that would work or be needed for everyone, but for me, it was the answer. <br /><br /><br /><h3>More ways to save on food</h3><div><br /></div><div>When I was in college, I worked as a cashier in a grocery store. &nbsp; &nbsp;It didn't take long for me to notice that the people who spent the most on groceries usually bought a lot of beer, soft-drinks, cigarettes, chips and other processed snacks. &nbsp; These were often the lower-income groups as well. &nbsp; The seemingly wealthier people often had a very modest grocery bill. &nbsp; They would buy more fresh produce and a small amount of quality meat. &nbsp;&nbsp;</div><div><br /></div><div>After a long hard day at work, many times we just want to get takeout for dinner. &nbsp;But that can quickly drain your wallet. &nbsp;One woman I worked with explained how she and her husband found cooking dinner so easy they rarely eat out. &nbsp;They simply saute, grill or bake some fish, chicken breasts, beef, or pork, and steam some vegetables. &nbsp; &nbsp;That is both healthy and economical. &nbsp; There are lots of recipes available for quick and easy to make meals. &nbsp;&nbsp;<a href="http://www.gallup.com/poll/156416/americans-spend-151-week-food-high-income-180.aspx" target="_blank">Americans spend on average $151 dollars a week on food</a>, which makes it a easy target for eliminating wasteful spending.</div><br /><h3>Paying more for quality can be cheaper in the long run</h3><div><br /></div>I have had to learn that I can't decide if something is a waste of money or not simply by looking at the price tag. &nbsp; For example, I own a single winter coat that I bought in 2006. &nbsp;I have not replaced it because I think it still looks quite good. &nbsp; It is a name brand coat, North Face, and it was not on sale when I bought it. &nbsp; I think it was $250, and while that is not terribly expensive, it is more than I usually spend on coats. &nbsp; I had my eye on it for several weeks and finally purchased it. &nbsp; Before buying that coat, I used to buy a new coat every year, sometimes even more than one a year. &nbsp;Wearing the same North Face coat for nine years has cost me less than $30 a year - quite a value!<br /><br />Conversely, one year I bought a designer coat on sale from a department store that was white with a dark lining. &nbsp; When I washed it according to the instructions, the dark linking bled and made the white coat a very uneven grey. &nbsp;I washed it over and over with all kinds of dye removal products and eventually threw the coat away. &nbsp;Buying that coat was a waste of money, even though it was on sale and I got it at a great discount.<br /><br />Paying more for a quality item can sometimes be cheaper in the long run. &nbsp; Hence the saying "the poor man pays twice". &nbsp;However, I don't think it always makes sense to pay more for quality. &nbsp; If you don't plan on keeping something for a long time, do you care how long it lasts? <br /><br />Many years ago I read the book "Dress For Success", and it suggested spending time comparison shopping in higher priced or higher quality stores. &nbsp;Even if you can't actually afford to buy anything there, go ahead and try things on and carefully check out the fit and fabrics. &nbsp; That way you will be able to identify bargains available in lower priced stores. <br /><br /><h3>Take the time to try on clothes before you buy them</h3><div><br /></div>I am sure many of you have done the same thing I have done. &nbsp;I will see something cute on the rack, usually on sale, and buy it without trying it on. &nbsp; Then when I get it home, it doesn't look nearly as good on me as it did on the hangar. &nbsp; Often I will keep it anyway because it is not worth the effort to return. &nbsp;Now, no matter how tired I am, if I want to buy clothing, I try it on first.<br /><br /><h3>Make saving money a game</h3><div><br /></div>The goal of&nbsp;<a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;is to enjoy money without wasting it. &nbsp;If you approach it in the right way, it can be a fun exercise to eliminate the "fat" in your budget. &nbsp;For me it is a work in progress.<br /><br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-86180729908953947182015-03-14T09:55:00.001-07:002015-03-29T14:50:13.139-07:00The Journey to Financial Freedom is a Personal One<br /><span style="font-family: Verdana, sans-serif;">Chances are, as you use&nbsp;</span><a href="http://www.mymoneypicture.com/" style="font-family: Verdana, sans-serif;" target="_blank">MyMoneyPicture</a><span style="font-family: Verdana, sans-serif;">, you will find as I did, that thoughtless and impulse spending is the largest impediment to your financial freedom. &nbsp;Well thought out purchases for things that are important to you are probably not the issue.</span><br /><br /><div><br /><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-xbrCJh8-fzo/VRhXLGOm-XI/AAAAAAAAAH8/u0f2zHjbluk/s1600/DoMoreofWhatMakesYouHappy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-xbrCJh8-fzo/VRhXLGOm-XI/AAAAAAAAAH8/u0f2zHjbluk/s1600/DoMoreofWhatMakesYouHappy.jpg" /></a></div><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;"><a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;is not about depriving yourself. &nbsp;Far from it. &nbsp;<a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;is here to help you maximize the enjoyment you get from your hard earned money. &nbsp;And we are all different, with different&nbsp;priorities, hobbies and things that are important to us. &nbsp;</span><span style="font-family: Verdana, sans-serif;">&nbsp;&nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">That is why, you can read all the right&nbsp;financial&nbsp;books and listen to all the right advice,&nbsp;but in the end, your financial journey will be a very personal one, with decisions that can only be made by you.&nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;"><a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;helps to give you the tools you need to be able to make those decisions, but only you can make them.</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">For example, one person may be a wine buff. &nbsp; If they receive a great deal of enjoyment from wine, it is not a waste of money for them. &nbsp; &nbsp;For someone else, who may be buying expensive wine recommended by someone, but who can't actually tell the difference between the better and the more inexpensive bottles, buying expensive wine may be a waste of money.</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">A couple may decide that it makes financial sense for the mother to take a few years off to be a stay-at-home mom while the children are young. &nbsp; In fact, I know of couples who have decided that it makes more sense for one spouse to stay home, even though some don't have children, since the costs associated with having both spouses work were greater than the lost wages. &nbsp; Having a spouse at home to cook and clean, etc., can be a great cost savings and can also reduce stress in the household. &nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">On the other hand, another couple may decide that taking a few years off to raise children would be a career killer and would make it too difficult to reenter the workforce later. &nbsp;They may also value the insurance of having two incomes in today's work environment where layoffs can be common and unexpected. &nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">One person may value things they can touch and use every day. &nbsp; Another may value experiences they can remember forever. &nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">You may want to take some time out and reflect on what makes you happy and what is important to you. &nbsp; Those are the things worth spending money on. &nbsp; &nbsp;</span><br /><span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">Each of us wants financial freedom, but there are multiple paths to that destination. &nbsp; <a href="http://www.mymoneypicture.com/" target="_blank">MyMoneyPicture</a>&nbsp;is not dogmatic. &nbsp; It is a tool to help you make informed financial choices. &nbsp; But those choices are yours and yours alone to make.&nbsp;</span></div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-75004587178979183642015-03-11T16:14:00.007-07:002018-08-05T08:56:16.226-07:00Different Ways to Track Your Mortgage in MyMoneyPicture<div style="text-align: center;"><br /></div><div style="text-align: left;"><span style="color: #274e13; text-align: center;"><a href="http://www.mymoneypicture.com/" style="text-align: center;"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;</span><span style="text-align: center;">can be used in a number of different ways depending on what information you are trying to track. &nbsp;&nbsp;</span></div><div style="text-align: left;"><span style="text-align: center;"><br /></span></div><div style="text-align: left;"><span style="text-align: center;">A good example is the different ways you can track your mortgage payment. &nbsp; If you aren't interested in tracking the pay down of your mortgage principal in<span style="color: #274e13;">&nbsp;<span style="color: #274e13;"><a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>,</span> </span>and you are more interested in monitoring your cash flow each month, you might just want to consider the entire mortgage payment as a housing expense. &nbsp;&nbsp;</span></div><div style="text-align: left;"><span style="text-align: center;"><br /></span><span style="text-align: center;">In this case, you would simply add a subcategory for your mortgage or housing expense:</span></div><div style="text-align: left;"><span style="text-align: center;"><br /></span></div><div style="text-align: left;"><span style="text-align: center;">&nbsp; &nbsp; &nbsp;&nbsp;</span></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: center;"><a href="http://2.bp.blogspot.com/-jQJss9Ri4P4/VQDDYGIRIaI/AAAAAAAAABE/AsrYqST6WpI/s1600/Mortgage-sub-category.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="513" src="https://2.bp.blogspot.com/-jQJss9Ri4P4/VQDDYGIRIaI/AAAAAAAAABE/AsrYqST6WpI/s1600/Mortgage-sub-category.GIF" width="640" /></a></span></div><div class="separator" style="clear: both; text-align: center;"><span style="text-align: center;"><br /></span></div><br /><div style="text-align: left;"><span style="text-align: center;"><br /></span></div><div style="text-align: center;"><br /></div><div style="text-align: left;">Then add an expense each month for the actual mortgage payment.<br /><br /></div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-4lJ5zpQwVNc/VQDD7EIhkEI/AAAAAAAAABM/EAHaIci1SzU/s1600/Morgage%2BPayment.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="476" src="https://4.bp.blogspot.com/-4lJ5zpQwVNc/VQDD7EIhkEI/AAAAAAAAABM/EAHaIci1SzU/s1600/Morgage%2BPayment.GIF" width="640" /></a></div><div style="text-align: left;"><br /><br />And one line will be displayed on the Display Transactions screen with the Mortgage Expense.</div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-JeooPHfGHSA/VQDEc60O2RI/AAAAAAAAABU/GCWXNl10qR4/s1600/Mortgage-Expense-Listing.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="170" src="https://1.bp.blogspot.com/-JeooPHfGHSA/VQDEc60O2RI/AAAAAAAAABU/GCWXNl10qR4/s1600/Mortgage-Expense-Listing.GIF" width="640" /></a></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br />However, if you want to use&nbsp;<a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;to create a more holistic view of your financial situation, you may want to track your Mortgage Loan in&nbsp;<a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;by setting up the Mortgage Loan as an Account. &nbsp;&nbsp;</div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-Nt7H4uOXfwk/VQDFpGbAA3I/AAAAAAAAABc/0FnMqVytxu0/s1600/Mortgage%2BAccount.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="467" src="https://3.bp.blogspot.com/-Nt7H4uOXfwk/VQDFpGbAA3I/AAAAAAAAABc/0FnMqVytxu0/s1600/Mortgage%2BAccount.GIF" width="640" /></a></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br />Then each month you would record a Mortgage Payment.<br /><br /></div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-R9Z1m-mfPNA/VQDG5mXM6iI/AAAAAAAAABk/zxeUgBL1d-M/s1600/Mortgage-Payment.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="323" src="https://4.bp.blogspot.com/-R9Z1m-mfPNA/VQDG5mXM6iI/AAAAAAAAABk/zxeUgBL1d-M/s1600/Mortgage-Payment.GIF" width="640" /></a></div><div style="text-align: left;"><br />Which would be displayed as two lines on your Transaction Listing; the Payment Amount subtracted from your Checking Account and another Transaction for the Payment that is credited to your Mortgage Account. &nbsp; &nbsp;</div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-xGd6lOydgjg/VQDHo4YxebI/AAAAAAAAABs/nEKNZ19kQ1U/s1600/Mortgage-Payment-Listing.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="177" src="https://2.bp.blogspot.com/-xGd6lOydgjg/VQDHo4YxebI/AAAAAAAAABs/nEKNZ19kQ1U/s1600/Mortgage-Payment-Listing.GIF" width="640" /></a></div><div style="text-align: left;"><br /><br />Then, you would add an Expense for the Mortgage Interest, and also any Escrow Payments. </div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-KhrOw6y79dc/VQDIRsDmVwI/AAAAAAAAAB0/_naZvwk4P_M/s1600/Mortgage-Interest-Expense.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="360" src="https://2.bp.blogspot.com/-KhrOw6y79dc/VQDIRsDmVwI/AAAAAAAAAB0/_naZvwk4P_M/s1600/Mortgage-Interest-Expense.GIF" width="640" /></a></div><div style="text-align: left;"><br /><br />Each Mortgage Expense would be displayed on your Transaction Listing.<br /><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-st2rTULn-o4/VQDJA5-D2TI/AAAAAAAAAB8/Ll-AzRKzG_U/s1600/Mortgage-Display-1.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="307" src="https://1.bp.blogspot.com/-st2rTULn-o4/VQDJA5-D2TI/AAAAAAAAAB8/Ll-AzRKzG_U/s1600/Mortgage-Display-1.GIF" width="640" /></a></div><div><br /></div><div>And you can filter to only display the Transactions for your Mortgage Account.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/--yFc8imd48U/VQDJV2K1HJI/AAAAAAAAACE/djF_2FGaoOk/s1600/Mortgage-Display-2.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="299" src="https://1.bp.blogspot.com/--yFc8imd48U/VQDJV2K1HJI/AAAAAAAAACE/djF_2FGaoOk/s1600/Mortgage-Display-2.GIF" width="640" /></a></div><div><br /></div><div>As you can see from this example, you paid $890.32 to your Mortgage Account, and after paying your Interest and Escrow Expense, you had a $224.35 left over which would be used to pay down the Principal of Mortgage Account. &nbsp;&nbsp;</div><div><br />If you go to the Display Accounts page, you can see the balance of your Mortgage Account is now $132,318.94, when it was $132,543.29 when you added the Account. &nbsp; The $224.35 reduction in Mortgage Principal is automatically adjusted after the Payments and Interest and Escrow expenses are applied.<br /><br /></div><div><br /><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-nz5eUul7e3w/VQDUeYZJE1I/AAAAAAAAACU/8vcJGKsg4hI/s1600/Mortgage-Account.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="172" src="https://4.bp.blogspot.com/-nz5eUul7e3w/VQDUeYZJE1I/AAAAAAAAACU/8vcJGKsg4hI/s1600/Mortgage-Account.GIF" width="640" /></a></div><br /></div><div><br />The same principal can be used for Car Payments or any other Loan you may or may not want to track in&nbsp;<span style="color: #274e13;"><span style="color: #274e13;"><a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>. &nbsp;Y</span></span>ou can decide to just consider the Loan Payment an Expense to make the record keeping easier, or you can track the Loan Principal each month by adding the Account in&nbsp;<a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>&nbsp;and entering Payments and Interest Expenses.</div><div><br /></div><div><br /></div><div>&nbsp;&nbsp;</div>MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.comtag:blogger.com,1999:blog-1213718577875026859.post-33127541091907047802014-12-16T15:05:00.000-08:002016-08-05T10:08:05.075-07:00Lesson Learned: Check Receipts!I was in the market for a decent pedometer, and I found one I liked on sale at Walgreen's today. <br /><div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-jRMSxWllHxo/VZcA_PhjMHI/AAAAAAAAAIU/EJ4cD9JM2Bo/s1600/Heart%2BRate%2BWatch.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-jRMSxWllHxo/VZcA_PhjMHI/AAAAAAAAAIU/EJ4cD9JM2Bo/s320/Heart%2BRate%2BWatch.jpg" /></a></div><br />I was telling someone about it and checked my receipt to tell them the exact price after the discount, when I noticed I had been charged twice. I bought one pedometer watch, but they charged me for two. &nbsp;I thought I was out the extra money, because I am home now and there is no way to prove I only bought one. &nbsp;However, when I called the store, they asked for a few numbers off my receipt, and verified from camera footage that I had indeed bought one watch and was charged for two. I went back to the store and they processed my credit in no time.<br /><br />This is a lesson to me. My mother, who has long since retired, always checks her grocery receipts. I'll admit, when I am with her, I find it a bit embarrassing, even though she often finds items that did not ring up at the advertised sale price. I don't want to scrutinize my own receipts, because I feel like it is rude to the cashier, and to the people waiting in line. But I could move away from the register and double check the receipt before I leave the store and not cause any delays for other people.<br /><br />Today I was charged an extra $30. My total sale should have been $70, but it was $100, and I didn't even notice. It makes me wonder how many other times I have been over-charged without knowing.&nbsp; <br /><br />From now on, I will take a few minutes to go over my receipts before I leave a store.<br /><br />A similar thing happened to me with my cable bill. I got an introductory discount on internet service that expired, and I knew from past experience, if you call the cable company, they will often give you another discount. I called once and did not have any luck. But when I chatted with someone through their website, they gave me a new $20 a month discount. (It did take 30 minutes for them to work it out though.) However, when my bill came, I was still charged the higher rate. I had to call back, and talk to a manager, who was able to see that the woman I spoke to over chat did not complete the transaction, so the discount never went through. I cringe to think how many times I don't even open my cable bill.<br /><br />A man I work with found out someone was at the mall using his credit card even though he was at work and had the credit card in his possession. Somehow they hacked into his account and made a clone of his card. I am thankful that now that I use <a href="http://www.mymoneypicture.com/"><span style="color: #274e13;">MyMoneyPicture</span></a>, I reconcile all my credit card statements against expenses I enter into MyMoneyPicture each month, so I know there are no charges on my bill that I didn't actually make. I also use a credit monitoring service to ensure no one is using my identity to open accounts.<br /><br />So, Lesson Learned! &nbsp;A simple way to save is to check receipts, make sure we are getting credited for the discounts we're promised, and verify credit card activity.<br /><br />MyMoneyPicturehttp://www.blogger.com/profile/07820859363217045237noreply@blogger.com